Home Bancorp (HBCP) 2026年第三季度业绩电话会：净利息收入创纪录，信贷成本上升lg...

要点总结

• Home Bancorp公布2026财年第三季度净利润为1010万美元，即每股1.28美元，而第二季度为每股1.48美元。资产回报率为1.12%。
• 净利息收入达到创纪录的3590万美元，环比增加11.0万美元，同比增长5%。净息差为4.19%；若扣除转为非应计状态贷款的86.2万美元利息冲减，净息差为4.28%。
• 由于有6组客户关系（涉及金额合计1950万美元）转入非应计状态，信贷质量有所下滑。不良贷款升至4220万美元，占总贷款的1.52%。
• 由于还款额增加以及建设资金放款放缓抵消了稳健的新增贷款投放，本季度贷款减少了400万美元。管理层报告的储备贷款约为4.4亿美元，其中包括1.32亿美元已承诺贷款。
• 总存款为31亿美元，较第二季度减少1540万美元。无息存款仍占总存款的27%，而总存款成本为1.69%。
• 首席执行官John Bordelon计划于2027年1月退休。总裁Darren Guidry将接替其出任首席执行官，而Bordelon将继续担任董事会主席。

关键财务数据

业务与运营表现

由于还款额增加和建设资金放款放缓抵消了稳健的新增贷款投放，第三季度贷款减少了400万美元。今年迄今的年化贷款增长率约为1.5%，其中休斯敦市场以6%的年化增长率领跑公司各市场。

管理层表示储备贷款状况健康，且在各市场和贷款类型间实现了多元化分布。其主要由专注于工商贷款和自营商业地产的较小型商业银行业务信贷，以及若干大型商业客户关系组成。

存款环比下降不到1%，但今年迄今年化增长率约为4%。贷存比为91%，处于管理层目标范围内。货币市场账户余额增加1430万美元，定期存单增加1300万美元，部分抵消了核心存款2830万美元的下降。

由于现金流以更高的利率进行再投资，投资组合收益率上升19个基点至2.87%。Home Bancorp预计未来12个月将产生6900万美元的投资现金流，同时46%的组合计划在三年内产生现金流。

管理层业绩预期

管理层预计季度非利息收入将保持在400万美元至420万美元之间。

不含止赎资产成本，预计未来几个季度的非利息支出将在2420万美元至2460万美元之间。从2027年第二季度开始，管理层预计常规年度费用增幅约为4%至5%，主要源于绩效加薪和其他投资。

尽管管理层表示在不良资产解决期间止赎资产费用可能仍高于历史水平，但预计该费用将从第三季度的偏高水平有所回落。

管理层预计问题贷款的偿还和结清将抵消部分新增贷款，从而放缓近期净贷款增长。在符合审贷和交割条件的前提下，约4.4亿美元储备贷款中的大部分预计将在2026年底至2027年第一季度中期完成交割。

Home Bancorp认为其资产负债表已为加息环境做好准备。管理层表示，在再加息一到两次后，净息差可能会小幅上升或保持稳定，具体取决于存款竞争和贷款定价。

风险与关注领域

信贷是第三季度的主要压力点。总计1950万美元的6组客户关系转入非应计状态，同时次级贷款增加1400万美元至8290万美元。管理层表示，这些问题分布在各个市场和贷款类别，而非集中在单一地区或行业。

主要由于更新了评估价值和挂牌降价，止赎资产费用环比增加170万美元至200万美元。在物业出售和减记后，止赎资产减少120万美元至1160万美元。

管理层预计，由于不良信贷正在解决中，今年迄今年化为7个基点的净冲销率在未来几个季度将继续保持在稍高水平。更高的利率也可能给某些借款人带来额外压力。

存款竞争仍是一个需要考量的因素，在德克萨斯州尤为突出。管理层还指出，整个市场的贷款定价竞争日益激烈，这可能会影响以适当利润率对新老信贷进行重新定价的能力。

分析师问答要点

管理层表示，新转入非应计状态的6组客户关系中，有几组已经计提了专项准备金，目前预计不会出现重大的额外损失。这些信贷包括自营商业地产、工商贷款、混合用途商业地产以及建设与开发风险敞口。

公司对不良资产接近顶峰保持乐观，但管理层并未做出明确断言，并表示随着利率上升影响借款人，公司仍保持高度警惕。

自上一季度讨论以来，Home Bancorp已收到约500万美元的问题信贷偿还款。管理层预计到今年年底还将收到500万美元，2027年第一季度初将再收到约500万美元。

管理层表示，其在新奥尔良的短租房产风险敞口依然较显著，但目前未显现出明显的信贷问题。

在并购方面，候任首席执行官Darren Guidry表示，Home Bancorp已做好准备寻求在地理和文化上相契合的机会，包括能够增加人才或连接其现有路易斯安那州、德克萨斯州和密西西比州市场的交易。

业绩电话会完整文字记录

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完整财报电话会议逐字稿

管理层陈述

Operator

Good morning, ladies and gentlemen. Welcome to Home Bancorp's Third Quarter 2026 Earnings Call. [Operator Instructions]

At this time, I would like to turn the call over to Home Bancorp's Chairman and CEO, John Bordelon; President, Darren Guidry; and Chief Financial Officer, David Kirkley. Mr. Kirkley, please go ahead.

David Kirkley

Thank you. Good morning, and welcome to Home Banc's Third Quarter 2026 Earnings Call. Our earnings release and investor presentation are available on our website. I'd ask that everyone please refer to the disclaimer regarding forward-looking statements in the investor presentation and our SEC filings.

Now I'll hand it over to John to make a few comments about the third quarter. John?

John Bordelon

Thanks, David. Good morning, and thank you for joining our earnings call today. We appreciate your interest in Home BancBanc as we discuss our results, expectations for the future and our approach to creating long-term shareholder value.

Before we discuss the quarter, I want to share some personal news, and I've informed our Board of Directors yesterday of my decision to retire as Chief Executive Officer in January of 2027. And the Board has named Darren Guidry, our President, as my successor. I will remain part of Home Banc's leadership as Chairman of the Board, and I look forward to working closely with Darren and the rest of our leadership team in that role.

This is a planned and deliberate transition when we named Darren President in July, we said we were putting in place a leadership structure to sustain our next phase of growth, and this is the next step in that plan. Dan has more than 40 years of banking experience more than 3 decades here at Home Banc, he knows our customers, our markets, our credit culture as well as everyone in the company. Our executive team has worked closely together for many years, and our shareholders, customers and employees do not expect any significant change in how we oculus.

Leading Home Banc has been a privilege of my career. Over my 45 years with the bank, including 33 years as CEO, I have watched Home BancBanc growth [ Malapiat-based ] savings institution into one of the leading community banks in the Gulf South. Since our IPO in 2008, we have completed 6 acquisitions, expanded into Greater New Orleans, Baton Rouge, Mississippi and Houston and growing total assets at a compound annual rate of more than 11% to $3.6 billion with 43 locations.

What I'm most proud of, however, is not the size of the balance sheet, but the quality of the franchise we have built. We have a core deposit base that is among the most valuable in our region. With a high level of noninterest-bearing deposits and the cost of deposits that's 1 of the lowest in our peer group. We have a relationship-based lending culture, a strong capital position and a long record of consistent profitability. Most importantly, we have a team of bankers who are committed to taking care of our customers and our communities. I am confident that Home Banc's best days are ahead of it and that the company is in very good hands.

With that, I'll turn it over to President and soon-to-be CEO, Darren Guidry to discuss our third quarter results. Darren?

Darren Guidry

Thank you, John. Before turning to our results, I want to say a few words about John. No one has had a greater impact on Home Banc. Under John's leadership, that has successfully navigated hurricane, the S&L crisis, the financial crisis a pandemic and multiple interest rate cycles. Through all of it, he kept us focused on disciplined underwriting, the strength of our core deposit franchise and building long-term value for our shareholders. And on a personal level, John has been a mentor and a friend to me for more than 30 years.

I'm honored by the confidence that John and the Board have placed in me and in our team. I'm very happy that John will continue to help lead Home BancBanc as Chairman of the Board. In experience and perspective will continue to be a tremendous asset to this company. And look forward to working with John, the Board and our team as we build on the foundation he established and lead Home BancBanc into its next chapter.

Now turning to our third quarter results. Yesterday afternoon, we reported third quarter net income of $10.1 million or $1.28 per share compared to $1.48 per share in the second quarter. Return on assets was 1.12% for the quarter. Our results were impacted by higher credit-related costs, including elevated foreclosed asset expense and the reversal of interest on loans moved to nonaccrual status.

The quarter did demonstrate the resilience of our core earnings, net interest income reached a record high for Home Banc, our cost of deposits remains 1 of the lowest in our peer group. Loans decreased $4 million in the third quarter. Production was steady, but payoffs were elevated and construction fundings slowed during the quarter. Year-to-date, loans have grown at an annualized rate of approximately 1.5%, with our Houston market continuing to lead the way at 6% agilized.

Looking ahead, our pipeline is healthy. Both our proved commitments and the volume of loans and underwriting are running above normal levels. We expect a good portion of those commitments to close by the end of the year. The pipeline is well diversified across our markets and loan types and consist primarily of smaller business banking credits with a heavy focus on C&I and owner-occupied commercial real estate along with a few larger commercial relationships.

However, as we work through our problem loans, we expect paydowns and payoffs from those workouts to offset a portion of the new production, which will likely temper net loan growth in the near term. We will continue to focus on growing relationships that produce appropriate risk-adjusted returns. Deposits were down slightly in the third quarter Year-to-date, deposits have grown at an annualized rate of approximately 4% and our loan-to-deposit ratio of 91% remains in our target range.

Credit was the primary challenge this quarter, and we moved properly to recognize and address emerging credit issues. 6 loan relationships totaling $19.5 million were placed on nonaccrual status during the quarter, which drove the increase in nonperforming assets. These reflect individual borrowing situations rather than stress in any one industry or market. And based on our current assessment, we believe these credits are appropriately reserved, and we are working closely with each borrower to resolve.

We also recorded elevated foreclosed asset expense in the third quarter primarily due to write-downs on properties and other real estate owned, resulting from updated appraisals and list price reductions. We are making progress on resolving these properties with several currently under contract.

Going forward, we expect foreclosed asset expense to be lower than what we saw in the third quarter, although likely above historical levels as we continue to work through our problem assets.

We are also seeing some encouraging signs across the rest of our watch list. Several substandard credits are positioned for upgrades or paydowns, and we expect to see some of those resolutions in the fourth quarter with others extending into early 2027. While we may see a few additional downgrades through year ahead, we do not currently expect any significant size. Past due loans are limited to credits we've already identified and are actively monitoring. We have work out strategies in place for all substandard and nonaccrual loans.

Net charge-offs which was 7 basis points annualized year-to-date being somewhat elevated over the next couple of quarters as we resolve these credits. But our approach remains the same: identify problems early, worked in the resolution and limit our loss exposure. At the same time, while higher interest rates benefit our net interest income, they could place pressure on certain borrowers over time. We are monitoring these exposures closely as rates move. Importantly, the fundamentals of Home Banc remained very strong with robust capital, a solid reserve position, ample liquidity and a balance sheet that is well positioned for a rising rate environment.

With that, I'll turn it over to David, our Chief Financial Officer. David?

David Kirkley

Thanks, Darren. Please feel free to refer to the investor presentation we have provided, as I discuss the company's third quarter financial performance. Net interest income was a record $35.9 million in the third quarter an increase of $110,000 from the second quarter and $1.8 million or 5% from a year ago. NIM was 4.19% in the third quarter, down 5 basis points from the second quarter. Loan yields declined 6 basis points to 6.4% as interest reversals of $862,000 on loans moved to nonaccrual status reduced loan yield by 12 basis points. Excluding the interest reversals, NIM would have been 4.28%, up 4 basis points from the second quarter. The yield on our investment portfolio increased 19 basis points to 2.87% and as we continue to reinvest cash flows at higher rates.

On the funding side, our cost of interest-bearing liabilities increased 4 basis points to 2.42%. And Slide 14 details the repricing and maturity profile of our loan and investment portfolio. Approximately 27% of our loan portfolio is floating rate and reprices within 3 months and 46% of the portfolio is variable rate. Our investment portfolio with a weighted average rate of 2.8% and as $69 million of cash flows expected over the next 12 months and 46% of the portfolio over the next 3 years that we can reinvest at current market yields. We believe our balance sheet remains well positioned for a rising rate environment.

As shown on Slides 18 and 19, total deposits were $3.1 billion at quarter end, down $15.4 million or less than 1% from the second quarter. Core deposits decreased $28.3 million, primarily in new accounts, which was offset by an increase of $14.3 million in money market accounts and $13 million in CDs. Noninterest-bearing deposits continue to represent 27% of total deposits. Our total cost of deposits was 1.69% for the quarter, and average cost of interest-bearing deposits increased 5 basis points to 2.33%, reflecting the higher interest rate environment and competitive pricing in our markets. We expect continued competition for deposits, but we'll remain well disciplined in our pricing.

Slides 15 and 16 provide additional detail on credit quality. Nonperforming loans increased during the quarter from $26.4 million or $42.2 million or from 95 basis points to 1.52% of total loans, primarily due to the 6 relationships Darren mentioned. Foreclosed assets declined $1.2 million to $11.6 million, reflecting property sales and write-downs. Total nonperforming assets were $53.7 million or 1.49% of total assets. Substandard loans increased $14 million to $82.9 million while special mention loans declined $4.7 million to $22.2 million. We provisioned $1 million in the third quarter compared to $72,000 in the second quarter, primarily reflecting higher specific reserves. Net charge-offs were $586,000 for the quarter. The allowance for loan losses stands at $34.4 million or 1.24% of total loans, and we are comfortable with our reserve levels given the composition and risk profile of the portfolio.

Slide 22 provides detail on noninterest income and expenses. Noninterest income totaled $4.2 million in the third quarter, up $282,000 from the second quarter, driven by higher service fees and other income. We expect quarterly noninterest income to remain stable in the range of $4 million to $4.2 million. Noninterest expense totaled $26.3 million in the third quarter, an increase of $1.8 million from the second quarter.

As you can see on Slide 22, excluding foreclosed asset expense, noninterest expense was essentially flat compared to the second quarter. The third quarter increase was primarily driven by a $1.7 million increase in foreclosed asset expense, which totaled $2 million for the quarter. The write-downs are spread across several properties, and our foreclosed asset portfolio remains granular with no single property carried at more than $2.2 million. Excluding foreclosed asset costs, we expect noninterest expense to be in the range of $24.2 million to $24.6 million over the next couple of quarters. Beginning in the second quarter of 2027, we expect noninterest expense to reflect the typical annual increase of approximately 4% to 5%, primarily driven due to annual merit increases and other investments.

As 23 and 24 summarize our capital position and the progress of our capital management strategy. Tangible book value per share was $46.97 per share essentially unchanged from the second quarter as earnings were offset by a $9.1 million increase in unrecognized losses in our investment portfolio due to higher interest rates. Tangible book value per share is up more than 8% from a year ago. Capital ratios remained strong with a tangible common equity ratio of 10.5%, a Tier 1 leverage ratio of 12.3% and a total risk-based capital ratio of 16.1%. Since 2019, we have grown tangible book value per share at a compounded annual rate of more than 8%, repurchased approximately 17% of our shares outstanding and consistently increased our dividend.

And with that, operator, please open the line for Q&A.

Operator

[Operator Instructions] Your first question comes from Stephen Scouten from Piper Sandler.

分析师问答

Stephen Scouten

Yes. Thanks, guys. Appreciate the time. And congrats, John, on a storied career. It's shocking to see you go. It kind of felt like you'd be around forever. So it'd be different -- well, he'll still be Chairman, I know, but it will be different, but exciting times, I'm sure, for the bank, too.

So I guess my first question would just be these 6 loans that you guys know the problem loans, and forgive me if I missed this, but -- have you given any context on kind of geography of these loans, maybe what loan types these are and kind of any specific reserves that are related to them that gives you confidence around potential loss rates?

Unknown Executive

Yes. I'll -- the geography is -- it's not consistent in any 1 of our markets. It's throughout this is on in almost every 1 of our markets. So no concentration of issues and loan types, the CRE multiuse facility owner-occupied CRE, C&I credit, construction development. So there's no concentration that we can see. We've been looking for a time, and at this point, we can't see anything.

Stephen Scouten

Okay. And any specific reserves related to those loans currently? Or again, what gives confidence kind of in the -- I think the commentary with that no sizable incremental losses are expected?

Unknown Executive

Yes. A couple of them already have specific reserves tied to them. Beyond that, we don't expect any significant losses.

Stephen Scouten

Okay. And then 1 reminder. I know you guys used to play a little bit in the kind of short-term rental property space. Is there still any meaningful exposure there? And if so, how is that book holding up?

Unknown Executive

Yes. We still have a significant amount of credit in short-term rentals. It is concentrated in the New Orleans market. No credit issues. They are apparent as of now. So we're fairly pleased and optimistic that we'll have to continue. So no concern with that exposure.

Stephen Scouten

Great. Great. Okay. And then maybe just thinking about the margin. What would be a good starting point to think about for for fourth quarter. I think my math, I was getting maybe a 9 or 10 basis point impact to the NIM from the interest reversal. Just kind of wondering how you think about that heading into fourth quarter. And then maybe the confidence in the balance sheet being well positioned for upside on higher rates?

Unknown Executive

Yes. it impacted, I believe, 9 basis points, the interest reversal and outside of surprises like that in the future. We continue to see good repricing opportunities from our loan portfolio and our investment portfolio. You can see the yield rising on the investment securities portfolio quarter-over-quarter as our reinvestment yields were north of 5% with of yield of 2.5% to 3%. You have a loan portfolio that every rate hike, you get 6 basis points of additional loan yield from our loans that repriced automatically, which offsets our money market increases. And as we continue to see CDs reprice upwards I think that will be offset or more than offset by investment in loan yield -- loan cash flow repricing. So I think starting point for this quarter, '27, for '28 as your starting point going forward.

Stephen Scouten

Great. Makes sense. Okay. Great. Darren, congrats and look forward to working with you moving forward.

Operator

Your next question comes from Feddie Strickland from Hovde Group.

Feddie Strickland

Congratulations to John and well deserved retirement and to Darren as well. Just wanted to ask on the deposit line here. I mean, can you talk about a little bit what you've seen so far just in terms of rate and level of competition? I mean it seems like the funding costs held in pretty well this quarter. But I know the rate hike came in pretty late. So just curious what you've seen so far.

Unknown Executive

From a competitive pricing standpoint, it's starting to get more divergence in duration of CDs that are being offered. You're seeing some competitors get more aggressive. You're seeing some of the brokerage firms get even more aggressive than that, pricing more off of, I guess, treasury curves. I would say, by and large, the banking CD pricing or CD rates is generally in the the 4 to 40 range. And so that's what we're seeing. I think we've had success at maintaining our CD portfolio so far after the rate hike, our top stated rate, I believe, is around 4.1%. And that works for the majority of our customers and provide we can adjust accordingly pretty quickly going forward as well as need be.

Feddie Strickland

Got it. And are you seeing any more competition in 1 market versus the other? I mean I assume Texas is probably more competitive in Louisiana, but you never know.

Unknown Executive

Yes. Texas is always a little bit more competitive. There's just a larger number of banks with varying balance sheet strategies over there. So there are some banks that are more aggressive. But you are seeing some of the the big global institutions that are offering some nice pricing with the marketing that goes along with it.

Feddie Strickland

Got it. And just switching gears for a second to the margin. Just want to make sure I understood correctly. Obviously, you'll have the interest accrual fees backed out -- but as we get through '27 here, if we get another -- let's say, we get another hike in December, another 1 early in the first quarter. I mean, you guys should be in a pretty good position for the margin to continue to march higher under those conditions, assuming deposit competition doesn't go off in something crazy. Is that fair?

Unknown Executive

Yes. I think one aspect of it is the deposit pricing. And 2 is how loan pricing plays out over this period. We've seen, I would say, more aggressive loan pricing that is questionable as opposed to CD pricing, which is kind of in line with alternative funding. So it's the ability to be able to reprice the loan portfolio at a proper margin and see how competitors price their loans going forward as there's lots of reinvestment opportunities and new business is getting harder and harder to come by with rates increasing. But overall, our balance sheet is well positioned to some rising rate environment and continue a slight upward march in NIM or at least stability after a quarter or 2 more hikes.

Operator

Your next question comes from Joe Yanchunis from Raymond James.

Joseph Yanchunis

John, for starters, I want to echo a lot of the comments that earlier, congrats with the retirement. We'll certainly miss hearing you on these earnings calls and seeing you throughout the year.

John Bordelon

Yes. The problem with it is I got to keep these guys in line and I don't get paid anymore.

Joseph Yanchunis

All right. So I wanted to kind of start on credit here. On the last call, you outlined a road map for about $30 million of problem asset resolutions by year-end. And then your prepared remarks like you expect some some credits to resolve before in the fourth quarter. Are you optimistic that we're at peak NPAs right now?

Unknown Executive

Yes. We'd love to say definitively, yes, Joe. We're optimistic. We're looking at the past due report, and it appears we've identified all of our issues -- we continue to get updated financial information to be able to recognize issues. But we're optimistic that we've gotten close to the peak if we're not there already. I would just add to that, Joe, that obviously, beds moves are going to, I think, impact lending throughout the country. A lot of people have elevated NPAs at this particular point and in Fed tightened again in fourth quarter and first quarter, that's going to just exacerbate those issues. So I don't think to the degree that we saw this order for sure, but we're kind of on high alert just making sure that we pay attention to a lot of our customers.

Joseph Yanchunis

I appreciate that was helpful. And to kind of touch on that in this follow-up here. So in your prepared remarks, you talked about paydowns remaining elevated. It's likely to remain a headwind in the coming quarters -- can you quantify the paydowns you experienced in the September quarter and give an update on the loan pipeline relative to where it's sit at the end of June? I guess I'm also just trying to see how our borrowers looking at projects now in this current environment.

Unknown Executive

Well, we have received about $5 million in pay downs already, Joe, since we mentioned it last quarter, we also anticipate very realistically another $5 million by the end of the year and early in the first quarter, another $5 million. In addition, we we have lots of plans out there and hopeful that we continue to get pay downs or potentially upgrades for some of our clients going forward. Joe, the pipeline is robust. It's about $440 million of loans in the pipeline with about $132 million of that, that's committed most of -- the $400 million will close by the end of the year at mid-first quarter. So a healthy pipeline, possibly offset by some success in problem resolution.

Joseph Yanchunis

Okay. That was great. And then last 1 for me here. I know you've looked and passed on a lot of deals over the years. But Darren, I'm curious, what's your view on bank M&A?

Darren Guidry

We are well positioned to take advantage of any acquisition that would be available. We're hopeful that it happens. We look to continue to grow our franchise, both within our markets. And connecting the dots between the markets we're not in. So we're hopeful to continue to do what we do throughout the South Louisiana, our Texas market as well as Mississippi and Nora. So where it makes sense, geographically, culturally and acquisition of talent we are well positioned to take advantage.

Joseph Yanchunis

All right. Well, appreciate taking my questions, and John and Darren again, congrats on the milestones.

Operator

[Operator Instructions] There are no further questions at this time. I'll turn the call back over to John Bordelon.

John Bordelon

Thank you. Once again, thank you all for joining us today. I also want to thank our shareholders, analysts who cover us and many of the investors I have had the opportunity to get to know over the years we support of Home Bancorp. We look forward to speaking to many of you in the next coming hours or days. Thank you very much for participating today. Have a great day.

Operator

Ladies and gentlemen, this concludes today's conference call. Thank you for participating. You may now disconnect.

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